Trump Hates Bitcoin but Nations May Hold Crypto Reserves in 10 Years

Balaji Srinivasan, a former partner at a16z and former CTO at Coinbase, has said that in the future, every nation state may have to hold crypto.

Srinivasan, who now operates as an angel investor, said:

“Ten years after the launch of Bitcoin, the President of the United States and the Chair of the Federal Reserve are both discussing it on the same day. The tone almost doesn’t matter. Ten years hence, this will be routine. Every nation state may have to hold crypto,”

The statement of Srinivasan comes after U.S. President Donald Trump and U.S. Federal Reserve Chairman Jerome Powell discussed bitcoin on the same day.

President Trump not a fan of bitcoin, Powell says BTC used as an alternative to gold

At the Senate Testimony earlier this week, Federal Reserve Chairman Jerome Powell said that given the current level of adoption of crypto assets like bitcoin, the asset class does not pose a serious existential threat towards reserve currencies such as the U.S. dollar.

“Things like that are possible but we really haven’t seen widespread adoption. Bitcoin is a good example. Really, almost no one uses it for payments. They use it more as an alternative to gold, it is a store of value, it is a speculative store of value like gold,” he said.

However, Powell emphasized that it does not mean crypto assets would not succeed and if they begin to receive widespread adoption, the U.S. could see a return to the era of having many different currencies.

[embedded content]

[embedded content]

“If we do see it, you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Chairman Powell added.

Industry executives generally responded positively towards the remarks of Powell on the acknowledgment of bitcoin as a store of value and an alternative to gold, indicating that the perception of the public and the authorities toward crypto assets may be changing.

Based on the noticeable change in the stance of various government entities towards crypto assets, Srinivasan said that countries may have to hold crypto assets in the long term if the asset class continues to grow at the current rate.

While Powell offered a cautious viewpoint on the growth of crypto assets, President Trump criticized bitcoin and other crypto assets, stating that unregulated crypto assets can facilitate unlawful behavior.

As the industry matures with advanced safeguards to prevent activities that governments are primarily concerned about in the likes of money laundering and terrorist financing, the concerns of President Trump could become resolved over time.

President Trump said:

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.

Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

The bitcoin price and valuation of crypto market declined slightly after President Donald Trump criticized crypto assets

Brian Armstrong, the CEO of Coinbase, suggested that the U.S. President needing to respond to the growth of crypto assets can be considered as an optimistic indicator for the long term survivability of the market.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,094 0.70 % 1.76 % 15.98 %
Ethereum4,025.4 0.58 % 4.05 % 6.17 %
Binance Coin558.64 0.48 % 2.63 % 8.64 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana181.71 1.15 % 8.32 % 9.36 %
Cardano1.300 1.17 % 5.08 % 18.14 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.7706 1.02 % 6.51 % 20.29 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra64.55 0.50 % 13.43 % 29.17 %

bitcoin
Bitcoin (BTC) $ 47,754.00
ethereum
Ethereum (ETH) $ 3,996.16
binance-coin
Binance Coin (BNB) $ 551.09
tether
Tether (USDT) $ 0.98997
solana
Solana (SOL) $ 182.32
cardano
Cardano (ADA) $ 1.30
usd-coin
USD Coin (USDC) $ 0.990865
xrp
XRP (XRP) $ 0.77179
polkadot
Polkadot (DOT) $ 26.20
terra-luna
Terra (LUNA) $ 62.64